Minister Mike de Jong’s predictions for the Vancouver Real Estate Market:
As we now know, the majority of that demand was domestic, and that’s a good thing. Unfortunately, we didn’t keep pace in terms of the supply of homes and condos. People don’t always like to hear it, but there’s a finite supply of detached homes in Vancouver. In fact, next year there will be fewer detached homes because we have to densify on land that presently holds those detached homes. That means there will be fewer detached homes, and the value of those left is going to go up, not down. This part of it is not rocket science.
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About Mike de Jong’s:
I grew up in Abbotsford, B.C., formerly Matsqui before the amalgamation, in a one-room prairie farmhouse. I went on to do my undergrad in Ottawa and law school in Alberta. I always intended to come back home and did. I started a law practice and got involved politically in the early ’90s at the provincial level, and I have served as an MLA for just about 25 years.